Common use of Resignation or Removal of an Agent Clause in Contracts

Resignation or Removal of an Agent. Subject to the appointment and acceptance of a successor Administrative Agent or Collateral Agent as provided below, each Administrative or Collateral Agent may resign at any time by giving notice thereof to Lenders and Borrower, and each Administrative or Collateral Agent may be removed at any time with or without cause by Required Lenders. Upon any such resignation or removal, Required Lenders shall have the right to appoint a successor Administrative or Collateral Agent. If no successor Administrative or Collateral Agent shall have been so appointed by Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative or Collateral Agent’s giving of notice of resignation or Required Lenders’ removal of the retiring Administrative or Collateral Agent, then the retiring Administrative or Collateral Agent may, on behalf of Lenders, appoint a successor Administrative or Collateral Agent. Upon the acceptance of any appointment as an Administrative or Collateral Agent hereunder by a successor Administrative or Collateral Agent, such successor Administrative or Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative or Collateral Agent, and the retiring Administrative or Collateral Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative or Collateral Agent’s resignation or removal hereunder as an Administrative or Collateral Agent, the provisions of this Article IX shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as an Administrative or Collateral Agent.

Resignation or Removal of an Agent. Subject to the appointment and acceptance of a successor Administrative Agent or Collateral Agent as provided below, each Administrative or Collateral Agent may resign at any time by giving notice thereof to Lenders and Borrower, and each Administrative or Collateral Agent may be removed at any time with or without cause by Required Lenders. Upon any such resignation or removal, Required Lenders shall have the right to appoint a successor Administrative or Collateral Agent. If no successor Administrative or Collateral Agent shall have been so appointed by Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative or Collateral Agent’s 's giving of notice of resignation or Required Lenders’ ' removal of the retiring Administrative or Collateral Agent, then the retiring Administrative or Collateral Agent may, on behalf of Lenders, appoint a successor Administrative or Collateral Agent. Upon the acceptance of any appointment as an Administrative or Collateral Agent hereunder by a successor Administrative or Collateral Agent, such successor Administrative or Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative or Collateral Agent, and the retiring Administrative or Collateral Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative or Collateral Agent’s 's resignation or removal hereunder as an Administrative or Collateral Agent, [Participation and Loan and Security Agreement] the provisions of this Article IX shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as an Administrative or Collateral Agent.

Resignation or Removal of an Agent. Subject to the appointment and acceptance of a successor Administrative Agent or Collateral Agent as provided below, (i) each Administrative or Collateral Agent may resign at any time and (ii) the Required Xxxxxxx may remove any Agent by giving notice thereof to such Agent, the Lenders and the Borrower, and each Administrative or Collateral Agent may be removed at any time with or without cause by Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the right to appoint a successor Administrative Agent and/or Security Trustee, provided that such successor Security Trustee or Collateral Agentsuccessor Administrative Agent is reasonably satisfactory to the Borrower (the Borrower's confirmation of satisfaction not to be unreasonably withheld or delayed). If no successor Administrative or Collateral Agent shall have been so appointed by the Required Lenders Xxxxxxx and shall have accepted such appointment within thirty (30) 30 days after the retiring Administrative or Collateral Agent’s 's giving of notice of resignation or the Required Lenders’ Xxxxxxx' removal of the retiring Administrative or Collateral Agentrelevant Agent (the "Notice Date"), then the retiring Administrative or Collateral removed Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, provided that such successor Agent is reasonably satisfactory to the Borrower (the Borrower's confirmation of satisfaction not to be unreasonably withheld or Collateral Agentdelayed). Any successor Agent shall be (i) a Lender or (ii) if no Lender has accepted such appointment within 30 days after the Notice Date, a bank which has an office in the United States, with a combined capital and surplus of at least [***]. Upon the acceptance of any appointment as an Administrative or Collateral Agent hereunder by a successor Administrative or Collateral Agent, such successor Administrative or Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the relevant retiring Administrative or Collateral removed Agent, and the relevant retiring Administrative or Collateral removed Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative or Collateral Agent’s 's resignation or removal hereunder as an Security Trustee or Administrative or Collateral AgentAgent (as the case may be), the provisions of this Article IX XI shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as an the Security Trustee or Administrative Agent (as the case may be). The retiring Agent shall, at the pro rata cost of the Lenders, make available to the successor Agent such documents and records relating to its function as Administrative Agent or Collateral AgentSecurity Trustee (as the case may be) under the Basic Documents and provide such assistance as the successor Agent may reasonably request for the purposes of transitioning its functions as Administrative Agent or Security Trustee (as the case may be) under the Basic Documents.